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Chapter 1 How Your Choices Affect Income

UNIT 1 Understanding Income: Chapters 1-3. Chapter 1 How Your Choices Affect Income. Chapter 1 Goals. Discuss job market, how it changes over time, and what you can do to prepare yourself Describe how the economy can affect prices and income

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Chapter 1 How Your Choices Affect Income

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  1. UNIT 1 Understanding Income: Chapters 1-3 Chapter 1 How Your Choices Affect Income

  2. Chapter 1 Goals • Discuss job market, how it changes over time, and what you can do to prepare yourself • Describe how the economy can affect prices and income • Explain options for higher education and ways to pay for college • Discuss strategies to find and apply for jobs • Explain how to prepare a resume and successful job interview strategies

  3. What Is the Job Market? • Job marketrefers to jobs available for workers. • A skill set is the unique skills and abilities you bring to the job market. • Hard skills are technical. • Soft skills are nontechnical. 1-1 Personal Skills and the Job Market Slide 3

  4. Training and Skills for Job Success • Hard Skills – Ability to perform tasks or procedures Ex. Run medical x-ray equipment, perform surgery, put plumbing in a house, give first aid • Soft Skills – Some are natural abilities, others must be learned through education, life experiences and practice Ex. Leadership skills, communication skills, ability to work with difficult people, problem-solving, organization

  5. Learning about Job Requirements • Job title is the name of a job. • Example: Baker • Job description describes what a job would be like. • Includes: education, experience, hours, work site, location 1-1 Personal Skills and the Job Market Slide 5

  6. What is important to you? Value Goal A desired outcome based on one’s values for which a plan of action is carried out. Ex. Value good health = Goal of eating healthy Value nice clothes = Goal of saving money • A principle that reflects the worth you place on an idea or action • Ex. Honesty, dependability, good health Slide 6

  7. How Does Education Affect Your Income? 1-1 Personal Skills and the Job Market Slide 7

  8. EDUCATION • Formal education – school, college, trade schools • Informal Education: • On-the-job training- learning as you work • Self training*- reading and practicing on your own, i.e. teaching yourself a computer program using tutorials *These skills can be listed on your resume when you are able to perform them well! Slide 8

  9. Building Communications Skills Listening (not the same as hearing) • Face and look at the person who is talking. • Focus on what the speaker is saying. • Ignore distractions. • Turn off the phone. • Take notes on the main ideas. • In a conversation, give feedback or nod. • Mentally summarize the main points. 1-1 Personal Skills and the Job Market Slide 9

  10. Section 2 What Is the Economy? • Theeconomy refers to all the activities related to making and distributing goods and services. • Amarket economy isbased on the law of supply and demand. (U.S) • Thepriceis determined by what consumers are willing to pay and sellers are willing to accept. 1-2 The Economy and Your Education Slide 10

  11. Supply and Demand Supply Demand The willingness and ability of consumers to buy goods and services When Demand > Supply, the Price goes UP • The quantity of goods and services that producers are willing and able to provide • When Supply > Demand, the Price goes DOWN Slide 11

  12. The Business Cycle 1-2 The Economy and Your Education Slide 12

  13. When economy is… …growing… …slowing… People buy fewer goods and services Fewer people are hired; there are layoffs Businesses are not growing • People buy goods and services • Jobs are created • Businesses are hiring Slide 13

  14. Economy discussion: • What if supply and demand level off? – That is called equilibrium and that is a relatively good thing - stabilizing • Why might it be better to spend in a recession and save in recovery? • What stimulates the economy? • See Page 12 in book

  15. What are the Costs of Education? • Tuition is the expense paid by students for instruction at a school. • Fees are charged to cover special expenses. • Examples: technology, equipment, supplies • Room and Board include housing and food. 1-2 The Economy and Your Education Slide 15

  16. Types of College Programs and Degrees • Career and Technical Schools • Few months to a year or more • Advanced Programs • Associates Degree – 2 years • Bachelor’s Degree – 4 years • Master’s Degree – 1-3 years beyond Bachelor’s • Doctorate – 3-5 years beyond Master’s • May need internship or residency Slide 16

  17. Costs vs. Rewards • Consider the Costs of Education vs. • the rewards of career and • amount you will earn • Bachelor’s Degree (4 years) = TWICE as much as a High School Diploma --------------$1,000,000+ over a lifetime! • (Earn a minimum of $25k more per year X 40 years working = $1 mil+)

  18. How am I going to pay for Education and Training??? • Loans and grants Financial Aid – money you receive from outside source to help pay for education • Grant: $ given for education and do not have to repay • Loan: $ borrowed and have to repay 1-2 The Economy and Your Education Slide 18

  19. Federal Financial Aid • FAFSA form: filled out by parents (gaurdians) if under 23; includes parent and student income – must meet deadline! • Subsidized Student Loan-interest is not charged until after you graduate • Unsubsidized Student Loan- interest charged from the time loan is made Repayment of loans begins after graduation Slide 19

  20. Other Financial Aid • Private student loans – Loans from banks or credit unions • *Higher interest rates than Federal loans • *Usually unsubsidized **Better to go for Federal loans first before Private loans

  21. Scholarships- • Gift of $ or other aid (free tuition/books) • Academic • Athletic • SAT Test scores • Financial Need • Work and save • Work after HS, save for college • Work while attending college

  22. Ethical considerations when applying for Financial Aid • Ethics – a set of moral values that people consider acceptable • It is important to be truthful when completing aid forms • Use N/A is information is not applicable or not available

  23. Focus On . . .getting involved now Student Organizations • Explore careers of interest. • Attend conferences. • Apply for scholarships, grants, financial aid. • Take part in community service activities. • Network and form friendships. 1-2 The Economy and Your Education Slide 23

  24. Section 3 How Can You Find Job Openings? • Social networks • Job shadowing • Cooperative work experience • Counselors, teachers, placement centers • Websites of businesses • Job scout programs • Employment agencies 1-3 Job Application Skills and Tools Slide 24

  25. General Resume Guidelines A resume is a summary of your work experience, education, skills, interests. • Have a “master resume.” • Tailor each resume to match job opening. • Limit resume to one page. • Keep resume simple and attractive. • List important information on top. • Proofread thoroughly. 1-3 Job Application Skills and Tools Slide 25

  26. The Cover Letter A cover letter introduces you to a prospective employer. • It is short and direct. • First paragraph says why you are writing. • Second paragraph points out qualifications. • Closing paragraph asks for an interview. 1-3 Job Application Skills and Tools Slide 26

  27. How Do You Make Yourself Stand Out? • A job application is a form that • asks you basic information about your background. • A job interview is a face-to-face meeting with a potential employer to discuss a job opening. • Follow-upis contact with a prospective employer after the interview. 1-3 Job Application Skills and Tools Slide 27

  28. PREPARE FOR THE INTERVIEW • Rehearse open-ended questions like “tell me about yourself,” or “why did you pick us?” Practice. • Arrive on time, or even 10 minutes early. Dress as if you have the job already. • Appear self-confident and relaxed. Do not show tension or stress. • Think before you speak. Speak slowly and clearly. Use good grammar and avoid slang. • Do research on the company so you can speak intelligently about it and ask meaningful questions.

  29. Success Skills Using Social Networking Sites Advantages include: • Wide-range of sources for job information • Rapid response to job openings, up to the minute BE CAREFUL: • Don’t post anything that could lead others to think poorly of you. • Don’t complain about your job, brag, criticize or swear Slide 29

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